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for december. what do you think this is going to tell us about where our economy is and where we are going? >> the economy had a rocky period, especially because of the last fiscal cliff. we were concerned that companies and consume verse stopped spending. what we will find out this month is whether that is true or not. most important is retail sales. retail sales and the consumer account for about 60% of all of our economy. except the consumers are spending the economy tends to do well. in the month of november, before the fiscal cliff, retail sales grew by about .3%. not a bad number what we are seeing from some of the economists that provide consensus forecasts is the number about .4%. that .4% would be a very good sign if the economy hits that number so we all should you can hopeful that it does. we are also looking at other things like housing starts. as we all new york the housing market has been down for a long period of time it is starting to rebound and it is a very, very important part of our economy. we saw housing starts in november 861,000 and the forecast shows 876,000 that w
to carry out the agenda i campaigned on. new security for the middle class. right now our economy is growing and our businesses are creating new jobs. we are poised for a good year. if we make smart decisions in sound investments, and as long as i said on the campaign, one component to growing our economy and broadening opportunity for the middle class is shrinking our deficits in a balanced and responsible way. and for nearly two years now, i've been fighting for such a plan -- one that would reduce our deficits by $4 trillion over the next decade, which would stabilize our debt and our deficit in a sustainable way for the next decade. that would be enough not only to stop the growth of our debt relative to the size of our economy, but it would make it manageable so it doesn't crowd out the investments we need to make in people and education and job training and science and medical research -- all the things that help us grow. now, step by step, we've made progress towards that goal. over the past two years, i've signed into law about $1.4 trillion in spending cuts. two weeks ago
's happening in the political world and the economy which we're in. the situation with the gun violence is very close to home, because i do enjoy -- even though i'm 60, i still go out and hunt and shoot a deer and kill a turkey to eat. host: thank you very much. by the way, the full presentation by the president yesterday, you can certainly watch atlanta cspan.org. good morning, what kind of work do you do? caller: i'm in the mental health field. each level of the patients have had different mental health issues. and i have really been waiting for this issue to come up, because that's what concerns me the most. i have worked with people that have multiple personalities. we have been scared to death. they pick beds up. they have tremendous anger in there. i don't think they get the proper care that they need. and after a while, they're released and that is something that i'm really concerned with. it's not about who is able to get a gun, who is able to have a gun. that's not the issue right here. the issue is that we have to start dealing with people with mental health issues. i have worked in a
than seven in ten people are dissatisfied with the present state of the economy. 60% believe we have hard times ahead. president obama swept into office, four years ago in the waive of hope, but it it seems to show that things have soured and it seems more like cope rather than hope. what happened? >> this is a different environment than it was four years ago, craig and a couple of points. president bush does come into a success term in the strong political position. his approval readings is 52% and the second-term agenda items like gun control as well as immigration and you mentioned those attitudes about the direction of the country and about the economy and this is an american public right now that lowered its standards and lowered its expectations from four years ago. in some ways that's a good situation from the obama white house and sometimes lower expectations make it easier to get achievements done, but this is a country that is still being hit by the aftereffects of the great recession and also this poll comes after the terrible tragic shooting as well as the showdown in the
to threaten to wreck the entire economy. that is not how, historically, this has been done. that's not how we're going to do it this time. [ inaudible question ] chuck, what i'm saying to you is that there is no simpler solution, no ready, credible solution other than congress either give me the authority to raise the debt ceiling or exercise the responsibility that they have kept for themselves and raise the debt ceiling. because this is about paying your bills. everybody here understands this. i mean, this is not a complicated concept. you don't go out to dinner and then, you know, eat all you want, and then leave without paying the check. and if you do, you're breaking the law. and congress should think about it the same way the american people do. you don't -- now, if congress wants to have a debate about maybe we shouldn't go out to dinner next time, maybe we should go to a more modest restaurant, that's fine. that's the debate that we should have. but you don't say, in order for me to control my appetites, i'm going to not pay the people who already provided me services. people who alre
their leaders in washington and, worse, they think those leaders are now hurting the economy. as president obama prepares to be sworn in for a second term our new nbc news/"wall street journal" poll shows a lagging economy and partisan battles are sa sapping the public confidence replacing the buoyant mood of four years ago with more pessimism now about the future of the country even as the economy slowly recovers. the president remains personally in a strong political position. his job approval rating is at a steady 52% about where it was last month and a higher rating than he has had through most of his first term. while the public likes the president personally a full 74% have responded and told us they like obama, he still hasn't won them over on his policies. and on his policy goals. the public is split. 49% disapproving of his overall policy goals. 47% approving. the president does get his best marks for being easy going and likeable having the ability to handle a crisis and understanding average people but he has low marks on changing business as usual in washington. working effectively w
of rules that have been established that are impossible to meet without doing severe damage to the economy. we're not going to put ourselves in a position where, in order to pay for the spending we have already incurred, where the two options are we were way to either profoundly hurt the economy, hurt seniors, hurt kids trying to go to college or we will blow up the economy. we will not do that. not whatever congress does. they will have to send me something that is sensible. we should not be doing this in a one-three month time when. why should we do that? where the united states of america. we cannot manage our affairs in such a way that we pay our bills and provide certainty in terms of how we pay our bills? look. i do not think anyone would consider my position on reasonable. major, i am happy to have a conversation about how we reduce our deficits. i'm not going to have a monthly or every three months conversation about whether or not we pay our bills. that in and of itself does severe damage. even the threat of default hurts our economy. it hurts our economy as we speak. if we want t
there for the president, things we haven't thought of, foreign policy crises yet to come and an economy that has been sluggish. a couple of things to realize. first of all the economy has not been in that great a shape and the president was reelected nonetheless. while eventually i think voters might get fed up with his economic stewardship, they might not. secondly whether the president wants to hold up shiny objects for the press, we know the debt ceiling fight will come to a head. we know it will be a major clash. the president wants to maintain upper hand here. not so much what you or i might think is really going on. it is what voters think is going on. how they see things. he wants to maintain his image at a reasonable, rational guy versus a, band of republicans he wants to faint as extreme, out of touch and unreasonable. jon: weill look for him to, at that conversation at this news conference. david drucker. >> that's correct. that's what it is all birks we'll have to leave it there. thanks, david. >> anytime. heather: as we wait for the news conference scheduled to take place just about 11:30
and will likely hear tomorrow. >> the more things hope and change, the more they stay the same. >> our economy is badly weakened and health care is too costly and schools fail to many. these are the indications of crisis. a nagging fear that america's decline is inevitable and the next generation must lower its sights. >> the speech he could give word for word again right now because so little has changed. in that speech he talks about wanting to end two wars, too many people are out of work, reaching out to the muslim world, reforming our schools. there are all kinds of redundancies he can thought go back to. >> supporters including his most ardent factor, hold the view the second address will be fundamentally different from the first address, not because he is hemmed if by similarities between today and four januaries ago but because the nation is in a fundamentally different place. >> this economy was losing 800,000 jobs a month and a lot of folks wondered whether we were headed for another great depression. do you hear me? this is what he faced on day one as president. >> as you know, he t
to disaster: how green jobs are damaging america's economy." in it, she subjects the assumption and policies which led to such a faded federal investments as solyndra solar panel manufacture as was that a 123 collector car battery manufacture to a waiting analysis which we of the institute have come to expect from this oxford trained economist who served as chief of staff for the council of economic advisers. sorry. during the administration of president george w. bush. in her book, she helps us understand why the failures of such direct investments in private firms are both significant problems in themselves and cautionary tales for those who would have the government rather than private investors allocate capital. the publication that regulates the disaster caps diane mr. shear as an institute senior fellow, i'll year in which has been prolific and influential. cited by reuters reporters, talk show host, across the country. i think in particular of her many, many contributions to our series called issues 2012, ranging from her analysis demonstrating that even adjusting for the state of the
, the first priority, bob, is obviously to continue to grow the economy focus on the middle class and getting people in the middle class. that's the core mission of the country. we've, obviously, are beginning to recover from the recession but we have a lot more work to do. but if you look at some-- yes we have some political divisions in this country. there's vast support out there for balanced deficit reduction investments in education and manufacturing, immigration reform, gun safety. so on the issues the president intends to really push and focus on, there's massive support in the country even among republicans. let's not lose sight of that, and that's why we're going to do a better job in the second term-- while we're going to do all we can to work with congress and negotiate, to also make sure the american people are connected to what's going on here. i think to really get the kind of change here in washington the american people are going to demand it. but there is really, i think consensus around eye lot of the issues around the country >> what about the idea the republicans have said
the president's tactics those of a socialist who wanted to bring down the american economy? >> i think they would, and i appreciate your bringing the economy into it. the president did that yesterday. the more we talk about the debt ceiling after obsessing over the fiscal cliff, the more i look at the whole thing as a massive dangling the key or, you know, don't look over here at the real economy, which is where people would really like policymakers to be dealing, but look at this so-called fiscal crisis which doesn't even exist. the president very clearly, and i thought helpfully, spelled out the numbers yesterday and actually to get from where we are, given the spending cuts and tax increases that we've implemented so far, to where we need to be to stabilize the debt, is not that heavy a lift if we had a functional politics that was actually paying attention to what needs to be done instead of creating these ridiculous self-inflicted skirmishes and wounds. as you have correctly pointed out, you have even got conservatives spokespeople saying, look, this isn't going to happen, you're
the value of my house. the economy went south on us. now the banks are sending us these low interest rates. i go back to refinance the house or remorse reached the house at 6.75%. bank tells me i do not make enough income or income to debt ratio for the house. i do make enough to pay the 6.75%. if the given the lower rate, i would be saving $1,000 a month. what can be done about that? guest: there are many, many borrowers who are having trouble refinancing their home loans. i hear from a lot of them. it is a real problem. we had a pendulum that had swung out into the wild west or anybody that was breathing got a mortgage. now it has swung the other way. the banks are being ultra cautious and requiring owners disclosures and very conservative income levels. i think there is an element of your story that questions -- does the bank wanted about the 6.75% interest that you're paying on your mortgage. that is a rich interest level in this environment. you have to wonder if the bank isn't holding on to your loan to maintain that high level of interest. i wonder if the might be worth your while t
, and that has helped. it's going to be a decent year. i don't think the problem is the trajectory of the economy. i think the question is how much will these issues from washington, whether it's the debt ceiling, the sequester, the lingering uncertainty over the long-term budget picture undermine confidence, lower the valuations of u.s. companies because people just have less confidence in long-term trajectory. >> jared, president obama starts his second term next week. his inauguration, of course, monday. what has he done right in the last four years, in your view, what could he have done better or has he done wrong? >> four years ago right around this time when i was a member of the administration's economic team i was remembering just the juks of position about the great hope and expectations and just the real horror of what was going on in macro economy. gdp contracting at 9%, losing 700, 800,000 jobs per month. i think the president came in and hit very hard and broke the back of the great recession a lot sooner than people expected, certainly the financial markets were reflated much more q
having different task force for the visa according to the economy? >> there has to be away -- a lot of our laws date back to the 1950's. some to the 1960's. there has to be a way of bringing it up to date. those are things that will have to be negotiated. all be just say it can't managed by a central system in washington where washington decides how many nurses we need, how many farm workers. business will have to play a role and business will have to be the determining factor in order to make this work in a practical way. >> think for a man and that 10,000 people a day retire in the united states, seven days a week. we are a nation with unemployment and with a shortage of people that go to work at specific jobs. the secretary's point is on target. if you try to do this with an overseer of exactly how many left-handed nurses and right- handed carpenters get into the added states, we are doing the wrong thing. we need to do it on demand. if we have an extraordinary need to be competitive, and many, because of the price of energy and the fact the country is probably will have and have
the replacement level. and that's causing concern for california's economy because the retirement population grows and there are fewer workers to replace them. in the meantime birth rates have gone up in texas, georgia and florida. >>> 7:35. the trial and a massive corruption case involving an entire southern california city starts this week. the mayor, vice mayor and four former council members from the city of bell are charged with misappropriation of city money. prosecutors claim the city leaders looted the city's treasury to pay themselves huge salaries. the biggest compensation package was for the city's chief administrative officer of $1.5 million. jury selection begins tomorrow. >>> some san francisco muni workers earned a lot of overtime in the last fiscal year. the "san francisco chronicle" reports one supervisor worked more than 2200 hours of overtime. that's the same as working a second full-time job. in 22 of the top 25 earners in the entire city worked for muni. muni's chief says most of the overtime is due to maintenance work being done when fewer vehicles are in service which is mos
debt ceiling. >> it would be a self inflicted wound on the economy, it would slow down our growth. might tip us in to recession. and ironically, would probably increase our deficit. so to even entertain the idea of this happening, of the united states of america not paying its bills, is irresponsible. it's absurd. we are not a deadbeat nation. >> thank goodness. but next, news flash, we already hit the ceiling two weeks ago. and the treasury's been using, quote, extraordinary measures to pay its bills. what does that even mean? the money shuffle can't last forever. the u.s. is out of money to pay its bills, it's already spent in less than four weeks. i have cousins that do that. they play to hold the debt ceiling hostage. aides say half the conference is ready to let the nation default. speaker boehner will school them on the real threat later this week. even a temporary extension for, say, two or three months could rattle the markets and threaten the nation's credit rating. last time they hashled out a debt deal? summer of 2011 and we ended up more than a trillion dollars in mand
escalates the fight on the w economy. is the debt ceiling negotiable? your thoughts? send us a tweet or post your comment on facebook. you can also send us an e-mail. president obama held his last official news conference of the first term yesterday in the east room of the white house. here's what he had to say on the debt ceiling debate. [video clip] >> republicans and congress have two choices. they can act responsibly and pay america's bills or they can act irresponsibly and put america through another economic crisis. but they will not collect ransomed in exchange for not crashing the american economy. the financial well-being of the american people well-being is not a leverage to be used. the full faith and credit of the united states is not a bargaining chip. they had better choose quickly, because time is running short. the last time republicans in congress even flirted with this idea, r. triple-a credit rating was downgraded for the first time in our mystery, our businesses created the few jobs in any month in nearly the past three years, and the whole fiasco added to the deficit. ho
spend on everything from education to public safety less as a share of the economy that has been true for a generation. that is not a recipe for growth. we have to do more to stabilize the finances over the medium and long-term, and also spur more growth in the short term. i have said i am hoping to making modest adjustments to programs like medicare to protect them for future generations. i also said we need more revenue for tax reform by closing loopholes for the wealthiest americans. if we combine a balanced package of savings from spending on health care and revenues from closing loopholes, we consult the deficit issue without sacrificing our investments in things like education that are going to help us grow. it turns out the american people agree with me. they listened to an entire year's debate over this issue, and they made a clear decision about the approach they prefer. they do not think it is fair to ask a senior to pay more for his or her health care or a scientist to shut down like that saving research so that a multi millionaire investor can take less in tax rates then a
for new jobs, new opportunities and new security for the middle class. right now, our economy is growing. and our businesses are creating new jobs. so, we are poised for a good year. if we make smart decisions and sound investments. and as long as washington politics don't get in the way of america's progress. as i said on the campaign, one component to growing our economy and broadening opportunities for the middle class is shrinking deficits in a balanced and responsible way. and for nearly two years now, i have been fighting for such a plan. one that would reduce our deficits by $4 trillion over the next decades. which would stabilize our debt and deficit in a sustainable way for the next decade. that would be enough not only to stop the growth of our debt relative to the size of our economy but it would make it manageable so that it does not crowd out the investments we need to make in people, education, job training, science, medical research. step by step, we made progress towards that goal. over the past two years, i have signed into law about $1.4 trillion in spending cuts. two w
in part, difference to the sluggish economy and the challenges that the nation faces and the crowds will be smaller. george h.w. bush and george w. bush won't be here. there have been pres debts where presidents in the past haven't made it. george h.w. bush just got out hospital, which is why they won't be here. mitt romney won't be here. the last time a vanquished opponent didn't show up was in 1985 for ronald reagan, and walter mondale was a no-show. that was the last time that the 20th state fell on a sunday and they had to do the monday as i rememberrial, versus another day. and back in those days, it was the coldest one on record, 7 degrees. there will be differences between the obama 2009 and 2013. four years ago, the crowd estimate was nearly 2 million people. there is a big parlor game about whether the crowd estimates on the mall are ever accurate. but nearly 2 million. now they are saying between 600- to 800,000. and there are a series of other things. and the money. four years ago, the obama administration, the obama campaign raised $53 million for the inaugural with pers
tomorrow? >> there's atmospheric differences. we had an economy collapsing all around us and he was a first term president and still putting together his team and agenda and cabinet and still the economy is too weak but recovering and the question is right now building on that as opposed to simply trying to stem the bleeding. there's a big difference and i think the experience of the office, as you know, you know, that helps a lot and so i think he does have even more sure-footedness in his approach. >> it can become a bit of a burden. historians write about the second term curse and i know you and your team spent a lot of time studying how to avoid that. what's the key? >> well, i think, listen, if you look at president clinton's second term, he made significant progress on balanced budgets and ronald reagan accomplished tax reforms. >> even if they're dealing with other problems. >> and we have been fortunate to be scandal-free and we want to continue that, but if you look, it's not like we're roaming around the west wing looking for things to do. right now in front of congress and the co
for new jobs, new opportunity and new security for the middle class. now, right now our economy is growing and our businesses are creating new jobs. so we are poised for a good year. if we make smart decisions and sound investments. and as long as washington politics don't get in the way of america's progress. as i said on the campaign, one component to growing our economy and broadening opportunity for the middle class is shrinking our deficits in a balanced and responsible way. and for nearly two years now, i've been fighting for such a plan, one that would reduce our deficits by $4 trillion over the next decade, which would stabilize our debt and our deficit in a sustainable way for the next decade. that would be enough not only to stop the growth of our debt relative to the size of our economy, but it would make it manageable so it doesn't crowd out the investments we need to make people and education and jobs and science research. step by step, we've made progress towards that goal. over the past two years i've signed into law about $1.4 trillion in spending cuts. two weeks ago i sign
for our economy. so important for our public safety. so important for emergency response as we witnessed here in the northeast of the country. and so, while the fight was long and at times, unnecessary, at least the vote was taken today and we move forward. mr. garamendi: thank you, mr. tonko. the bill now is out of this house. it's already in the senate. we expect the senate to pass it probably tomorrow or the next day. certainly before the inaugural on monday and then the president will sign it shortly thereafter. bringing that kind of relief. you mentioned the jobs issue and people need to go to work. when we have these natural disasters and we come forward with the kind of support that we have seen today and will soon be available for new jersey, new york, connecticut and the surrounding areas, people go back to work. those people that have received immediate fema support for housing, for clothing, for food, that money is immediately spent into the economy. on the infrastructure side, it's crucial when the subways of lower manhattan flooded, the world's financial institution took a w
administration, it didn't happen in one fell swoop to get our economy in great shape and move toward a balanced bump started off with three phases. started with president bush's actions, the first president bush, in terms of taxation, before president clinton took office. then the actions the president took in '94 and then in '97. well, we think there's a third phase here that can set our country on a path that will allow us to get our debt, the gdp, our deficit to gdp, down around 3%, which is the basis of which all economists left, right, center, agree, are the areas which we really can begin to grow as a country. and also my grandfather used to say, with the grace of god and good will of the neighbors, cooler heads will prevail between now and the time we deal with the debt ceiling, that we may very well be able to meet the goal which we set out to do, which is to have roughly a $4 trillion cut over ten years, and in the long-term deficit and put us on that path. but i didn't come here to talk about any of those important subjects today because, as important as they all are, today we have a
the private and the public economy, balance between the cost and hoped for advantages, balance between the clearly necessary and the comfortably desireable, balance between our essential requirements as a nation and the duties imposed by the nation upon the individual, balance between actions of the moment and the national welfare of the future. good judgment seeks balance in progress, lack of it eventually finds imbalance and frustration. >> words of president eisenhower 52 years ago. are those words relevant today as he talked about what government can and cannot do in solving problems. that speech is still available online. and pointing out those remarks giving the country a dire warning about what he described as a threat to democratic government. he also used the phrase military industrial complex. since then that has become a rallying cry of opponents for expansion. in an effort to control the expansion of the military industrial complex the president sought to cut the pentagon's budget. he wanted a budget he said the country could afford. share your thoughts about the role you t
to raise taxes created a dilemma in the world's ninth largest economy. with budget cuts coming like clock work, the state's college and university systems declined in offerings and in reputation. schools suffered cutbacks in personnel and programs. services for the poor were trimmed by $15 billion since 2008. state workers were furloughed. then in 2010, promising to use his long honed political skills to fix the state, jerry browne, a democrat, was elected governor. 30 years after he held the job in the '70s. he faced a $26 billion deficit and started making more cuts and changes like transferring inmates from the state's overcrowded prisons to county jails and closing down local redevelopment agencies using the money for the state budget. meanwhile, the economy started to improve in fits and starts bringing in more tax revenue. but it all wasn't enough. brown proposed to california voters a measure to raise income taxes on the wealthy and sales taxes for everybody. to the feun of $5.6 billion. brown campaigned vigorously from what was called proposition 30 in last november's ballot. >> l
is up 5,550 points since then, just shy of the 14,000 mark. the economy is growing. instead of contracting. in the first quarter of 2009, the gdp contracted 5.3%. it grew 3.1% when the last time it was officially measured. though remains below where it was before the great recession, consumer confidence has nearly doubled. and a larger percentage of americans, 41%, according to our last poll, believe the country is headed in the right direction, up from 26% in january, 2009. on the other hand, there is plenty of data to support the idea that the drink country is not better off than it was four years ago. and that the struggling economy continues to take a toll on families. median household income is lower than it was in 2009. and 46 million americans live below the poverty line. several million more than four years ago. the federal public debt has increased from 10.6 trillion in january 2009 to 16.4 trillion now. then there's the big number that's exactly the same as it was four years ago. the unemployment rate. 7.8%. though it's down from, of course, a high of 10% in octobe
of its politics and economics and society, mexico has the 13th largest economy in the world today. $1.16 trillion. the oecd predicts in 2042, when regeneration, mexico will have his archer economy than germany's. this is not me. this is the oecd project enough things being equal. therefore notwithstanding the inequality that exists in mexico that has to be dealt with and will be dealt with over time, the fact of the matter is that texaco socially is becoming more and more middle-class society and that is reflect to and every one of the usual measures. demographically, lifestyle, in terms of fertility rate, number of students in university, quality of the housing. all of these trends have brought mexico to the point where it is becoming predominately of middle-class society and will continue to move in that direction. and third, mexico lyrically speaking is a functioning democracy. not perfect, nor is our democracy perfect. but when you look at their electoral system, if you look at the way in which freedom of the press has been moved into mexico with passion, he began to see the devel
on raising the debt ceiling or face an economy that could go haywire in a few months. the president held the last news conference of the first term focusing on the economy and calling on congress to allow more borrowing authority up against the debt ceiling. >> raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills. we are not a deadbeat nation. >> house republicans want spending cuts as part of a deal to lift the debt ceiling. without an agreement the country has until around march 1 before it may not be able to meet financial obligations. >> today is the one month anniversary of the deadly school shooting in newtown, connecticut. in washington, bay area members are among the group of democrats meeting with vice president biden about gun control. the vice president could turn over his proposals to president obama as early as tomorrow. >> a month ago today, the shooting massacre at sandy hook elementary school shocked the nation. and re-ignited a fierce battle over america's relationship with guns. tomorrow, vice president biden w
congress to act now on raising the debt ceiling or face an economy that could go haywire in a few months. the president held the last news conference of the first term focusing on the economy and calling on congress to allow more borrowing authority up against the debt ceiling. >> raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills. we are not a deadbeat nation. >> house republicans want spending cuts as part of a deal to lift the debt ceiling. without an agreement the country has until around march 1 before it may not be able to meet financial obligations. >> today is the one month anniversary of the deadly school shooting in newtown, connecticut. in washington, bay area members are among the group of democrats meeting with vice president biden about gun control. the vice president could turn over his proposals to president obama as early as tomorrow. >> a month ago today, the shooting massacre at sandy hook elementary school shocked the nation. and re-ignited a fierce battle over america's relationship with guns. tomorrow, vi
. at the announcement, the president and outgoing treasury secretary timothy geithner. >> our economy is better positioned for tomorrow than most of those other countries hit by the financial crisis. the tough decisions tim made and carried out deserve a lot of credit for that. i understand that tim is ready for a break. obviously, we are sad to see him go, but i cannot think of a better person to continue tim 's work at treasury than jack lew. >> unlike most treasury secretaries, jack lew earn his stripes and a washington and not wall street. he worked for tip o'neill in the 1970's and 1980's, and was clinton's: the director in the 1990's. evan, what does this tell us about the physical fights ahead? >> the good news is that he knows washington bit bad news is that he will do exactly what obama tells him, and from all indications, obama will not do much about fiscal restraint. >> nina, your sense of jack lew and what lies ahead? >> i think i agree with evan, but lew really does know the budget numbers. he did this in the clinton administration when we had a surplus, as the white house points o
, it didn't happen in one fell through to get our economy in great shape and move towards a balanced budget. it started out for three phases. started off with president bush's actions. first president bush in terms of taxation before president clinton took office in the action the president took in 94 and 97. well, we think there is a third phase here they consider country on a path that will allow us to get our debt to gdp, deficit to gdp down around 3%, which is all economists are training center greer that areas we can begin to cruise the country and as my grandfather used to say that the grace of god and goodwill of the neighbors, between now and the time we deal with the debt ceiling, we may very well be able to meet the goal we set out to do, which is to have roughly $4 trillion cut over 10 years in the long-term deficit and put us on that past. i didn't come here to talk about any of this important subjects today because as important as they all are today we have a mortgage and indie media call and that is how to do with the epidemic of gun violence in america. the one of the statist
is messing around with the full faith and credit of the united states. it would be bad for the economy when we played that game of russian roulette back in august of 2011. you could see the economy decline. you could see job creation going away. i'm with newt gingrich on this one. newt gingrich had taken a strong position that we should not use, that the republicans should not use the debt ceiling as leverage in this cutting spending. let's use the continuing resolution. let's use the sequester, but don't use the debt ceiling. that's a bad idea. >> president said he won't negotiate on the debt ceiling. >> i think he's right on that. >> senator, thank you. good to see you. >> thank you. nice to see you all. >>> and we spoke to supreme court justice sonia sotomayor. she spoke with scott pelley about her new york city home and reputation as a tough corporate lawyer. >> you write in your book that one day one of the associates one of your colleagues was on the telephone, and he described you, your words, not mine as one tough -- >> his words. >> as one tough bitch. >> yea
for not crashing the american economy. >> the president rejected calls from senate democrats to use some form of an 11th hour executive action. whether it is the 14th amendment, minting a coin, whatever, to side step congress and raise the debt limit unilaterally. >> are you considering a plan b? and if not -- >> well, chuck, the issue here is whether or not america pays its bills. we are not a deadbeat nation. there are no magic tricks here. there are no loopholes. >> to explain the thinking of the white house and why no plan b is this. the president believes its republicans who should own all of the political uncertainty on any default debt crisis. and he wants to avoid handing the gop a get-out-of-jail card. the white house believes if they help republicans come up with a temporary fix, like going around them find something other way, democrats share in some of the political chaos that would ensue. the president pressed his point by rattling off constituency groups that will feel the pain if treasury can no longer pay its bills. >> if congressional republicans refuse to pay america's bills
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and nancy pelosi in december of 2007. he said the economy is slipping, i need a stimulus and they worked with him to give him the kind he can sign. then 2008, the terrible crisis and it was a very partisan thing in which the bush administration got more support from democrats and republicans in the final vote. then comes the election of barack obama and mitch mcconnell's announcement that his number one agenda item is to defeat president obama. we have, i think, a productive 2009 and 2010 and then in 2010, a group gets elected in the house, in particular, we don't believe in governance. not totally pessimistic. the way to go we've seen in the last three major issues in the house, a split within the republican party where main stream conservatives of the bob dole variety have aligned with the majority of democrats. they've been opposed by a majority of republicans in the house, but not of the whole house and speaker boehner, to his credit, has been allowing a coalition to come together and i hope what happens is that the main stream conservativism of the republican party continue to fight
on that investment? are you benefiting from that? is there enough tax being generated in the economy to offset that and when a disaster occurs are you on the hook for all the infrastructure and everything else that may be required to rebuild that community? and isha return on that exposure greater than what your payoff would he? now the taxpayer, the answer unfortunately is too often now. we have subsidized risk to a point where as long as no extreme event occurs, it seems okay. but when the extreme event occurs you are now exposed to much greater costs without necessarily generating revenue or other societal benefits offsetting that risk. now, through the 70s and 80s and early '90s, when a lot of growth was taking place in growing coastal areas and other areas very few storms were occurring. the frequency was down so the illusion was i a pitcher for 3030 years and this never happened. the problem with climate and weather is 30-year cycles are like an eyelash in understanding how these systems work. notts talking about any other issues and now we find ourselves in this increased activity and y
. just $199 per month. visit choosenissan.com. road and track called sentra an economy car minus the look and feel of an economy car. wonder how civic and corolla look and feel about that. the all-new nissan sentra, with best-in-class mpg. lease for $169 per month. visit choosenissan.com. >>> it's official. 2012 was the hottest year on record for the continental u.s. the national oceanic and atmospheric administration announced that last year -- rather that last year easily beat the previous hottest year. that was 1998. it got the new record. this comes as a new federal report makes it official. climate change has already started to impact american people and the economy. well, joining me now is coral davenport, energy and environment correspondent for the national journal. good to see you again. just how hot was it last year? >> alex, the average annual temperature in the u.s. last year was 55.3 degrees. that was about -- that was a degree higher than the last previous record. it was 3.2 degrees higher than the average record -- than the average temperature for the 20th century. another
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